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Case Law Details

Case Name : Sulzer India Ltd. Vs. Jt. CIT (ITAT Mumbai)
Related Assessment Year :
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Prepayment of sales tax deferral loan on payment of net present value of future liability cannot be classified as remission or cessation of trading liability

In brief :-In a recent ruling, in the case of Sulzer India Ltd. Vs. Jt. CIT [2010-TIOL-670-ITAT-MUM-SB] , the Special Bench of the Mumbai Income-tax Appellate Tribunal (the “Tribunal”) held that prepayment of deferred sales tax liability on the Net Present Value (“NPV”) of the future liability cannot be classified

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